IS YOUR MONEY SAFE IN THE BANK?
A post in pinoy money talk posted the question in the title. So, that made me think is my money safe in my bank?.... hmmmm... thinking.... hmmmm... realization then struck I don't have that much money in the bank, so why bother with this question =). But my situation right now hopefully is temporary and I'm hoping for a future that I do have some considerable amount of money in the bank, what then, is my money safe in the bank. My opinion is that it is much better than hiding it in a shoe box under your pillow, or in a hole in the ground. My rule of thumb also is that I deposit my money in well known "big" banks (BDO or BPI), I'm not sure if that is wise but I think they are more stable. Interest wise they might not give you the best deal but what are the best deals if they are standing on weak foundations, and if you really want your money to grow there are a lot of better avenues than having a savings account in the bank but that's a topic for another time. My stance on this topic is that the bank is still a surer bet than your shoe box(and again I don't have enough money in the bank to worry much about losing it).
Pinoy Money Talk Article
banks have been the perennial option for Filipinos as to where to keep their money. Aside from the fact that they are liquid, meaning you can go to a bank anytime during bank hours and request a withdrawal, there is also a sense of guarantee because deposits up to P250,000 are insured by the Philippine Deposit Insurance Corporation (PDIC).
But now that we’re seeing rural banks fail one by one, one wonders: Is my money really safe in my bank?
A lot of us are not privy to banks’ internal information which means we don’t have access to useful information that can tell us if a bank is in trouble. But the following guidelines from the Bangko Sentral ng Pilipinas (BSP) can help identify red flags that can warn us if our bank may be the next to fail. [Continue Reading in original post]
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